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July 17, 2017 11:38 AM

Governor: South Dakota Closes Budget Year With $8M Surplus

Pierre (AP)

Gov. Dennis Daugaard says South Dakota has ended the 2017 budget year with a surplus built on state spending reductions that offset lower-than-expected tax collections.

The Republican governor said Monday that South Dakota finished the budget year with roughly $8 million left over, marking the state's sixth straight year of surplus.

The 2017 budget year ended June 30. The state collected $7.6 million less in revenue than expected but also spent $15.6 million less than budgeted. That left about $8 million for budget reserves.

The governor asked state agencies to cut spending in the face of weaker-than-anticipated revenues. He says finishing the year with a surplus is a "major accomplishment."

Ongoing general fund receipts totaled more than $1.5 billion. South Dakota has roughly $165 million in reserves.
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